FTB - Mortgage Advice Bureau, help sought before call tomorrow

deltrotter

Hi everyone
I am an older FTB.
PurpleBricks have arranged a call with Mortgage Advice Bureau so I can get a Mortgage In Principle ahead of a house viewing.
I have Life Insurance, Critical Illness and Income Protection already...
What things should I be aware of ahead of the call.
Ok, you may say, this isn't a good start to my dealings with them. But, I am NOT against brokers per se... but I don't want to be shafted too badly.
Time is kind of pressing, that is why I am not saying no to these guys straight off.
Am I better off going for a short term, e.g. 1 or 2 year fix and then go on my own thereafter? Are the charges less that way?
Advice appreciated.
Cheers
Del

K_S

@deltrotter Out of professional interest, how do you think a broker might "shaft" you?

If it's a broker fee that you're worried about, you can simply decline the PB offer and use one of the many fee-free brokers recommended on the MSE page.

If it's the fact that they've been recommended by PB, then you can always find your own broker. PB can't force you to use the broker they recommend and it doesn't make any difference to the likelihood of your offer being accepted.

If you would feel more comfortable dealing directly with a lender, you could do that as well.

As for protection, it's not a mandatory requirement for a mortgage, so you can politely decline their advice in this matter.

deltrotter

Hi K_S
Yeah, maybe a bit harsh...
So, not saying I won't go with them but even with a MIP, does that tie me to them and is there a charge for that?
Cheers
Del

ACG

I love that, what makes you think brokers are out to shaft you? Financial services 10-20 years ago had a lot of ropey brokers, but a lot of it has been cleaned up now. I am 35 (Edit im actually 36), I have a 3 year old child a home etc, the last thing I want to do is shaft customers and lose my license to trade. I also have no targets and I like to sleep at night and I have a family to support so I have no need to shaft customers and definitely no desire to. Most brokers I know are the same. There are 1 or 2 who I would not trust but they are surprisingly(?) the older ones closer to retirement. 

You will be given a terms of business. This will advise you whether they are whole of market, what they charge and when they charge it. If it is on that piece of paper, take it as gospel regardless of what they tell you - unless they are prepared to put it in writing. 

Personally, I would be inclined to get your own DIP if thats what you would prefer to do, or use your own broker. There is no point in them getting you a DIP if you do not intend to proceed with them - it risks getting multiple DIPs (and in turn potentially hard footprint credit checks) and it wastes both your time and the brokers. 

deltrotter

Hi ACG
Thanks for the heads up about brokers. I'll sleep easier tonight.
Cheers
Del

lonibra

To be fair, borrowers wasting MBs' time and shafting them is probably far more common than the other way round. 😆